Time and Sales

[doyler3]

Hi

I have question about an observation I made in "Time and Sales".

In the attachment there is a trade at 16:49:53, price 54.50, size 112100. All the quotes around this trade are a lot lower. Can you explain this situation.

Thanks

Gerard

[ScottJ]

Hi Gerard,

I'm not entirely sure what you're asking here. It looks like a large block trade to me, a fairly common occurrence. Are you questioning the validity of the data or just trying to understand the nature of large transactions?

Thanks.

[doyler3]

Hi Scott

I noticed that the sale price for the transaction is 54.50, and the quotes and trades around it are between 54.25 and 54.28.

Is this normal?

Thanks

Gerard..

[DuaneG]

Hi Gerard,

This is actually pretty common. In many cases where the order size is extremely large, the executing firm has often a pre-negotiated price with the buyer or seller. There are a few other circumstances where this type of order gets pushed through, but it’s not unusual to see this kind of behavior.